The Russian Crypto exchange users were amazed after seeing the price of Bitcoin rising to $500k. Livecoin cryptocurrency trading platform realized that it has been hacked due to the hike in price observed by their uses that were willing to withdraw their funds; however, they cannot do so. Users claim that whenever they submit a request of withdrawal, they are directed towards an exit scam.
The security breach happened at Christmas. It was detected after the price of cryptocurrencies displayed was extremely different from the original market prices. Another problem faced by the users was that their deposited money that was not displayed on their account. They were also unable to withdraw their existing amount from their platform account, making them suspicious of a scam.
The exchange posted a warning on its website to stop its users from using all of their services to avoid inconvenience and loss. The post reveals that the exchange was under a very well planned cyber attack. Due to loss of control over their system, that exchange was unable to inform the users in time, and as soon as they got some access to their frontend, they posted a warning banner. The exchange is trying their best to gain access back to their system and funds to minimize the loss. They are in contact with local agencies to overcome the problem.
Users and other people cannot understand that this Russian exchange is exit scamming or is actually under a cyber attack. Users are strictly advised to stop depositing any funds or make any trade using the Livecoin Exchange API. It was not just Bitcoin that was reported significantly high in value. ETH worth was displayed as more than 15,000 dollars while the worth of XRP was shown above 18 dollars. The original worth of cryptocurrency was actually 4.9 percent of the displayed value.
Livecoin is a moderately famous cryptocurrency exchange in Russia that has gone offline after reporting a cyber attack. The exchange has assured its users that it will prepare a security update within few days to overcome the existing problem. The update will ensure that such an incident does not happen ever again. It appears as if the hackers have got complete access to the infrastructure of the exchange. This has gained them complete authority to change the display of prices. The users continuously posted on social media to avoid any transaction because it may lead their money to be stuck.
The exchange was not running any official social media account, and it also did not react immediately to the request that something is going on. This late reaction of the Russian exchange and the time they are taking to overcome the problem is making people more suspicious.